XXL

Remuneration Information • Jan 7, 2020

XXL ASA – Notice of Extraordinary General Meeting – New Management Investment Program

XXL ASA – Notice of Extraordinary General Meeting – New Management Investment Program

The Board of Directors of XXL ASA ("XXL" or the "Company", OSE ticker XXL) has resolved to implement a long term management investment program to align the long term interests of the executive management with those of the Company's shareholders.

Under the program, the executive managers are offered to invest in XXL Sport & Villmark AS, a wholly owned subsidiary of XXL, through a newly established management investment company.

Although all investments under the management investment program will be made at fair market value and presumes that the executive managers will assume investment risks alongside the shareholders of the Company, the Board of Directors has resolved to replace the Board of Directors' declaration regarding the salary and other remuneration to the executive management (the "Declaration", cf. Section 6-16a of the Norwegian Public Limited Liability Companies Act), inter alia to reflect the new investment program.

The Board of Directors therefore proposes that the general meeting of XXL resolves to approve the new Declaration and thereby replace the Declaration which was approved by the Annual General Meeting on 5 June 2019. An extraordinary general meeting for this purpose is scheduled to be held at the Company's headquarter on 29 January 2020 at 09:00 (CET).

More information about the management investment program, including certain terms and conditions pertaining to this investment program, and the proposed shareholder resolutions in this regard is provided in the notice of the extraordinary general meeting. The new Declaration is appended to the notice. The notice is attached to this announcement and available on the Company's website www.xxlasa.com.

For further information, please contact:

Investor Relations

Tolle Grøterud

E-mail: ir@xxlasa.xom

Phone +47 90 27 29 59

About XXL ASA

XXL is a leading sports retailer with stores and e-commerce in Norway, Sweden, Finland, Denmark and Austria. It is the largest among the major sports retailers in the Nordics. XXL pursues a broad customer appeal, offering a one stop shop experience with a wide range of products for sports, hunting, skiing, biking and other outdoor activities. XXL's concept is to have the largest stores with the best prices and the widest assortment of products, focusing on branded goods.